The Indian equity benchmarks fell sharply lower on Monday dragged down by selling pressure in index heavyweights like HDFC Bank and Infosys after they reported weak March quarter earnings over last week. The Sensex fell as much as 1,496 points and Nifty 50 index dropped below its important psychological level of 17,100 at the day's lowest level. Fall in Infosys and HDFC Bank alone contributed over 650 points towards fall in the Sensex, data from the BSE showed.